Petrol Prices in Pakistan Expected to Drop From Next Fortnight

The petrol prices in Pakistan are expected to see a massive reduction from the next fortnight starting October 16 due to decline in global petroleum prices as well as appreciation of Pakistani Rupee (PKR) against the US Dollar (USD).

Internationally, the price of petrol has fallen by $12 per barrel with current price settling around $102 per barrel, while the price of diesel has dropped by $9 a barrel, which brings the current price at $117 per barrel.

According to reports, the price of petrol in Pakistan is expected to drop by up to Rs. 40 per litre, while high-speed diesel (HSD) may be slashed by Rs. 18 per litre from the next fortnight from October 16.

Furthermore, the appreciation of local currency against the greenback will also contribute towards a decline in petroleum prices. Last month, Pakistan Rupee (PKR) dropped to a record low of Rs. 307.1 against the US Dollar (USD), but it has recovered to Rs. 280.51 today (10^th October 2023).

During the last fortnight review, the caretaker government reduced petrol price in Pakistan by Rs. 8 per litre, while diesel witnessed a reduction of Rs. 11 per litre. This brought price of petrol and diesel at Rs. 323.38 and Rs. 318.18 per litre, respectively.